CAR INSURANCE policies are the same price or may be cheaper on a classic Formula 1 car formerly driven by seven-time champion Michael Schumacher than a Ford Sierra Cosworth, according to classic car experts Hagerty.

Car insurance policies for a historic Formula 1 race car could be as low as the road car, despite models ranging up to ten times higher in value. Insurance experts believe both a Formula 1 Benetton B192 and Ford Sierra Cosworth would cost less than £600 to insure each year.